Tesla posts record sales for 2022

Electric vehicle (EV) producer Tesla posted record sales in the fourth quarter as new facilities contributed to higher deliveries.

Tesla's sales grew by 37pc to $24.3bn in the fourth quarter from a year earlier, the company said. Profit climbed by 32pc to $3.7bn.

For full-year 2022, Tesla sold a record 1.4mn EV's compared with 930,422 in 2021.

The company cited an increase in deliveries behind revenue growth, as fourth quarter deliveries of its Model S/X and Model 3/Y rose by 31pc to 405,278. The company is betting the trend will continue into 2023 as it targets 50pc annual growth for the year, aiming for 1.8mn in total vehicle sales this year.

Tesla also plans to announce the next generation vehicle in March. The cybertruck remains on track to begin production later this year at its Gigafactory in Texas.

Profits in 2022 more than doubled to $12.5bn from $5.5bn a year earlier, while revenues were up by 51pc at $81.5bn.

By Hunter Fite